type 2 hypervisor
I agree that the "type 2" designation is just a marketing stunt, but it IS different from emulation.
QEMU is an emulator, because it actually emulates the CPUs for the guest systems. On the other hand, vbox and vmware workstation virtualize the real CPU for the guests... meaning that they don't actually do emulation, they "just" redirect the instructions from the guest to the host in the assigned scheduling time for the hypervisor.
As a rule of thumb to recognize when you are dealing with a emulator and when it's an hypervisor, if the programs allows you to run machines designed for different CPU architectures than the Host's, then it's an emulator (like QEMU, that works on Hosts and with Guest designed for x86, x64, PPC, Sparc and others... other emulators include gaming consoles emulators, like ZSNES for the super nintendo, ePSXe for the PSX, and MAME for many different systems) else, if it only works with Guests under the same architecture as the Host's, it's virtualization (of any type), like VirtualBox, VMware workstation, parallels workstation, Xen and it's derivatives, LDOMs and others...
the "type 1" and "type 2" differ on whether the hypervisor is an OS by itself (baremetal) or not. For example, "type 1" x86 hypervisors include VMware ESX, Sun xVM Server, Xen, MS Hyper-V... type 1 VMM sit right over the hardware, meaning that they are the booting kernel (in Xen's case, it's the Nemesis-derived microkernel)... over this booting kernel sits a main domain (in Xen's language, a Dom0) which becomes the interface where you control the Guests or secondary domains (DomU in Xen's speech). Sun's LDOMs are the equivalent hypervisor but for SPARC systems.
OTOH, "type 2" hypervisors require an existing OS to work over it... examples include the ones mentioned before: xVM VirtualBox, VMware workstation and Parallels WS.
If there are any questions, please do ask.